[CLBS] Bankruptcy Exemptions Bill (HB 464) - - Signed by Governor 3/23/2020

[Alexandra Caval]

Folks,
As you may recall from the Bankruptcy Seminar in McCall last month, there
was a bill working its way through the Idaho Legislature to change the
homestead exemption as well as some of the personal property exemptions in
11-605. That bill is House Bill 464, a copy is attached for your reference.
The bill was transmitted to the Governor's office on 3/18/2020 and he
signed it on 3/23/2020. The bill has an emergency clause so it is effective
upon the governor's signature rather than July 1, 2020.

Here is a summary of the changes:

*Homestead exemption (55-1003) *- the sliding scale tying the exemption to
the equity is removed; it is now a flat statutory amount. The exemption
amount also increases from $100,000 to $175,000.

*11-605(a),(b),(c)* - no change to the aggregate exemption amount but the
single item exemption increases from $750 to $1000.

*Tools of the trade (11-605(3))* - increases from $2,500 to $10,000

*Vehicle exemption (11-605(3))* - increases from $7,000 to $10,000

*Water rights/crops (11-605(7))* - increases from $1,000 to $5,000

*Firearm (11-605(8))* - increases from $750 to $1,500

*Wildard (11-605(10))* - increases from $800 to $1,500

*Disposable Earnings (11-605(11))* - increases from $1,500 to $2,500.

It will take a few days for the changes to show up in the Idaho Statutes
online.

Sincerely,
-- 

Alexandra O. Caval

Caval Law Office, P.C.

P.O. Box 1716

Twin Falls, ID 83303-01716

T: 208.733.2035

F: 208.733.3919

alex at cavallawoffice.com




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